Daily News Digest Featured News

Tuesday July 3 2018, Daily News Digest

ethereum transactions
Source: Trustnodes

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United States


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News Summary

United States

Rising From The Crypto: Bitcoin Rebounds From 2018 Lows (Investors.com), Rated: AAA

The cryptocurrency’s price jumped by 12% from Friday, its biggest intraday rise since April. However, the digital currency trades seven days a week. Bitcoin had fallen as low as 5820.79 on Friday, but moved higher over the weekend.

Bitcoin was at $6,620.30 according to Coindesk. Other digital currencies were also up, including Ethereum, Bitcoin Cash and Ripple, also known as XRP.

Among Bitcoin-related stocks, Riot Blockchain (RIOT) initially popped but closed down 0.2% on the stock market todayOverstock.com (OSTK) rose 0.9%. Marathon Patent Group (MARA) climbed 2.3% and Bitcoin Investment Trust (GBTC) rebounded 19.3%.

Could This 1 Thing Propel Bitcoin to $ 50,000? (The Motley Fool), Rated: AAA

However, one prominent member of the cryptocurrency industry thinks that this could be just a starting point, and that bitcoin could rally to as much as $50,000 during the second half of 2018. And he believes it might just take one big catalyst to get it there — bitcoin becoming available to investors in ETF form.

Top 5 cryptocurrencies
Source: The Motley Fool

Bitcoin ETF = $50,000 bitcoin?

In a recent CNBC appearance, Arthur Hayes, CEO and co-founder of the BitMEX cryptocurrency exchange said that bitcoin (BTC-USD) could rise as high as $50,000 by the end of 2018.

Bitcoin Futures Killed the Bitcoin Rally (and Will Keep It from Returning), Economists Say (Fortune), Rated: A

Predicting the future direction of Bitcoin and other cryptocurrencies has often proved to be a fool’s errand. One explanation cited by some economists for this year’s collapse in digital currency prices also suggests that a major Bitcoin rally may not return for a while.

An article written by noted Japanese economist Yukio Noguchi last week has been circulating among Bitcoin enthusiasts. In it, Noguchi argues that the turning point in the Bitcoin rally coincided with the introduction of a Bitcoin futures market in the United States.

Coinbase Adds 10 Customers for Its New Crypto Custody Service (Bloomberg), Rated: AAA

Coinbase Inc., one of the world’s largest cryptocurrency exchanges, said 10 hedge funds and family offices have begun using the custody service it debuted last week that seeks to safeguard digital tokens in a manner similar to traditional securities.

The company aims to have 100 large institutional customers by the end of the year with as much as $5 billion in assets under management, Sam McIngvale, who is leading the effort for San Francisco-based Coinbase, said in a phone interview. Coinbase said it already stores more than $20 billion in crypto assets for clients such as retail investors.

Coinbase Pro Fails To Impress, Draws Severe Criticism From Frustrated Users (CryptoGlobe), Rated: A

Moreover, Coinbase has received a lot of criticism due to bad customer service, and now the company has reportedly attempted to address these issues by setting up a new office in Portland, Oregon. According to an official blog post by Coinbase, it is planning to hire people for “customer support, finance, compliance, IT, and HR” positions for its Portland office. The exchange also recently launched a new office in Japan in order to “accelerate the global adoption of cryptocurrency.”

The Digest: Ripple Is Literally Paying People to Use Its Cryptocurrency (Futurism), Rated: AAA

In 2013, San Francisco-based cryptocurrency company Ripple began releasing its coin, named XRP. Today, XRP is the third most popular cryptocurrency in terms of market capitalization (an asset’s share of the total crypto market), lagging only behind only bitcoin and ether.

But Ripple has a problem, according to a report by The New York Times: While people will trade XRP, they won’t use it.

One way to get people to use a currency? Make sure they have a lot of it. And Ripple is making sure people have a lot of XRP by giving it away. In March, Ripple donated $29 million worth of XRP to a charity to buy classroom supplies for U.S. schools. During an appearance on Ellen in May, actor/Ripple investor Ashton Kutcher presented $4 million worth of XRP to The Ellen DeGeneres Wildlife Fund on behalf of Ripple.

Binance Labs Lead $ 12 Million Funding Round for StartUp Access Platform Republic (BlockchainNews), Rated: AAA

Republic, the blockchain platform connecting retail investors with opportunities in startups, has closed a USD 12 million funding round to tokenize its offering and develop its own security token.

This Crypto-Company Is Betting Against Ripple and Litecoin (Fortune), Rated: A

Will New SEC Regulations Ease Establishment Of Cryptocurrency Exchange-Traded Funds? (ETHNews), Rated: A

On June 28, the Securities and Exchange Commission (SEC) voted to propose a new regulatory framework that would allow exchange-traded funds (ETF) to come to market without requiring applicants to apply for individual exemptive orders. The proposal is intended to speed up the application process, which can take months, increase competition and innovation in the ETF marketplace, and hopefully give investors more choices on how to invest their money.

Two Men Settle Suit With SEC in Connection With Illegal Blockchain Stock Sales (CoinTelegraph), Rated: B

Two Nevada citizens agreed to settle a lawsuit filed by the U.S. Security and Exchange Commission (SEC), which accused them of profiting from the illegal sale of stocks of UBI Blockchain Internet Ltd., Bloomberg reported July 2.

On Monday, the SEC filed a lawsuit in a New York federal court, accusing Nevada attorney T.J. Jesky and his firm’s manager Mark F. DeStefano of earning around $1.4 million by illegally selling shares in UBI Blockchain Internet Ltd. from December 2017 to January 2018.


Crypto market gained over $ 15B as Bitcoin, Ethereum, and Ripple escaped from bearish trap (FX Street), Rated: AAA

Bitcoin broke above $6,500 handle, trading at $6,620 at the time of writing. The digital coin No. 1 is up 4% in the last 24 hours and mostly unchanged since the beginning of Tuesday. Trading volume settled at $4.4B, total market cap – $113B.

Ethereum is below critical level $500, though the coin has gained 5% over the recent 24 hours. Currently, ETH/USD is trading at $476, having recovered from last Friday’s low registered at $405.  Nearly $1.7B worth of Ether changed hands in the past 24 hours.

Ripple has gained 6.3% since this time yesterday, trading at $0.4922 at the time of writing.

CoinEx Volume Jumps 30,000% on New Trading Model, Overtakes Binance (NewsBTC), Rated: AAA

CoinEx jumped past 70 exchanges in less than 24 hours as its trading volume rose from $5 million to $1.5 billion following its adoption of a controversial new trading policy. Since offering a version of the ‘trans-fee’ mining model, it has moved into first place by exchange volume.

Hoyos Announces $ 100 Million Global Hacker Crypto Challenge (PR Newswire), Rated: A

Hoyos Integrity Corporation (“HOYOS”), a global Secure Mobile Telecommunications as a Service (SaaS) Provider announced that it has launched the world’s first Global Hacker Challenge.  The company has put $100M worth of its RISEN (RSN) utility tokens into a public crypto-wallet, secured it with its unique and proprietary biometric lock system in compliance with IEEE standard 2410, which Hoyos co-created, and the blockchain. Its unique secure crypto wallet can run on either IOS or Android devices, or on the company’s military-grade secure smart phone known as the BIBLOS (Biometrics Blockchain Secure Smartphone). In the first 2 weeks the challenge has attracted over 300 unsuccessful hacking attempts.

Over 800 cryptocurrencies are now dead as bitcoin is 70 percent off its record high (CNBC), Rated: A

There has been an explosion in ICOs. Companies raised $3.8 billion via ICOs in 2017, but in 2018 so far, this number has already shot up to $11.9 billion, according to CoinSchedule, a website that tracks the market.

However, hundreds of these projects are now dead because they were scams, a joke or the product hasn’t materialized. Dead Coins is a website that lists all the cryptocurrencies that fall into those categories. So far, it has identified just over 800 digital tokens that it considers dead. These coins are worthless and trade at less than 1 cent.

Over $ 1 Million Stolen Fund: ICO Influencer Ian Balina Revealing Identities Of Hackers (Ethereum World News), Rated: A

Respected cryptocurrency influencer, investor and YouTuber, Ian Balina, whose nothing less than $1 Million fund was stolen in a wallet has come out on Twitter to throw light into the April hack which many pointed was cooked by him to evade tax.

European Union

Ethereum Fees Spike to $ 1 Even as Transactions Fall to 600,000 (Trustnodes), Rated: AAA

Ethereum’s fees have suddenly risen to nearly $1 per transaction even as network usage is around half of its all time high in January when it reached around 1.4 million transactions a day.

ethereum transactions
Source: Trustnodes

Ethereum is currently processing “only” 620,000 transactions, yet fees have suddenly spiked beginning around the time we were test-running Status on June 30th.

ethereum gas
Source: Trustnodes

Banks Conduct Cross-Border Trades on IBM-Powered Blockchain Platform (CoinDesk), Rated: A

A group of European banks announced that they have completed a series of cross-border financial trades through a jointly developed blockchain platform.

According to an announcement on Tuesday, the live transactions on we.trade were executed over the past five days between 10 companies and were facilitated by four partner banks. HSBC, one of the nine institutions involved, claimed that three of its clients took part in the platform test.

Conventional Banking Could Become Easier For Swiss Cryptocurrency Companies (ETH News), Rated: A

Some prominent cryptocurrency proponents in Switzerland expect the country’s politicians and regulators to remove barriers to banking services for cryptocurrency businesses in the coming months. Such a move would level the playing field that crypto businesses share with traditional enterprises.

Bank of Finland Releases Scathing Crypto Report, Calls Digital Currency a “Fallacy” (CoinTelegraph), Rated: A

The Bank of Finland released a paper on June 21 titled “The Great Illusion of Cryptocurrencies,” explaining why they think the concept of a digital currency is a “fallacy.”

This smart contract scanner will ensure your token is tip-top (TechCrunch), Rated: A

A group of researchers at ETH Zurich have created an Ethereum smart contract scanner that will check your smart contracts for bugs, exploits or potential problems. The researchers, Dr. Petar Tsankov, Dr. Hubert Ritzdorf, Prof. Martin Vechev and Dr. Arthur Gervais, all have extensive experience in system security and they are working on improving the blockchain space one smart contract at a time. The team recently incorporated as a new company, ChainSecurity, and they are releasing products to help programmers and ICO builders understand and launch their tokens.

United Kingdom

Cardano Founder Meets With Google, Denies Ethereum Has First-Mover Advantage (The Daily HODL), Rated: AAA

Cardano founder Charles Hoskinson and members of his team just paid a visit to Google’s London Headquarters to talk about the future of cryptocurrency.

“So how many Java, C++ or Go developers are writing code on Ethereum? You can’t. Ethereum doesn’t support any of these languages. They can’t even run a single viral app on the platform. If you look at the top 10 languages, none of them works on the system. So, by definition, all those developers aren’t developing for the system. They have to go and learn new tools and new stuff…

The other thing is that very few people today write smart contracts. They play with these things, but very few people are smart contract developers. If 99% of developers aren’t in the ecosystem, how can you say a person has first-mover advantage? It’s nuts.”


Beware of digital pickpockets: How to secure cryptographic keys (CSO.com.au), Rated: AAA

The Australian financial market is being increasingly disrupted by Fintech. The number of fintech startups in Australia had increased from less than 100 in 2014 to almost 600 in 2017.


Huobi’s New Voting Rules Anger Crypto Fund ‘Supernodes’ (CoinDesk), Rated: AAA

On Friday of last week, Huobi published an update – “HADAX Super Nodes and Voting Rules Updates and Subsequent Arrangements” – which outlined that, henceforth, HADAX will rely on two separate groups of funds to help with deciding on new listings.

The new rules will also include 31 “Selected Nodes,” which are chosen through an application review process. Based on the announcement, Selected Nodes are smaller, crypto-specific venture firms such as Node Capital, Dfund, and BlockVC.

Colin Goltra: 75% of Filipinos don’t have access to traditional financial services (CoinGeek), Rated: A

The Philippines, consisting of more than 7,000 islands, is home to at least 100 million people. As of January 2018, the country that has been referred to as the Pearl of the Orient Seas is also the eighth most populated country in Asia, and the 12th most populated country in the world. Outside of the Philippines, an estimated 10 million Filipinos are working and living overseas.
In just four years after it launched its operations, Coins.ph saw its customer base rise to 5 million.

25 crypto licenses up for grabs in Philippines’ economic zone (CoinGeek), Rated: A

Last week, Lambino confirmed that CEZA is “crafting regulations that will protect those investing in cryptocurrency,” the Philippine News Agency. The investment promotion agency also plans to limit the issuance of its licenses to 25, although each license holder can have 20-30 sub-licenses for traders and brokers.


Edtech Startup Udacity Launches A Blockchain Nanodegree Program For MENA (Entrepreneur), Rated: AAA

Udacity, the Silicon-Valley born education technology company that operates with a mission to democratize education, has announced a new Blockchain Nanodegree program, accessible online across the GCC, Jordan and Lebanon regions. With registrations already open, the paid course is set to commence from July 10, and can help interested participants learn the basics in blockchain for developers- a skill in high demand with today’s tech industry, that can help them get ready for a career in the field.


Payments Giant Qiwi’s Execs to Launch Russia’s First Crypto Investment Bank (CCN), Rated: AAA

Representatives of Russia-based payment services provider Qiwi have created the first crypto investment bank in the Russian market.

The project, to be known as HASH, will provide assessment, search and market entry projects, attributes typical of investment banking firms designed to appeal to large investors, according to Kommeresant.

From Russia to Macedonia: How Cryptocurrencies Are Regulated in Eastern Europe (CoinTelegraph), Rated: AAA


The Russian government has maintained a mixed stance on Bitcoin and cryptocurrencies, proposing legislation to ban it outright, and then retracting those statements. However, once President Vladimir Putin announced his decision to begin crypto regulation, a substantial bill was introduced, which the State Duma has recently approved, in its first reading. The document was expected to enter into force on July 1, although official confirmation is yet to surface.

Crypto regulation Eastern Europe
Source: CoinTelegraph


Poland officially recognizes the trading and mining of cryptocurrencies. However, its views toward crypto shifted from progressive to somewhat skeptical due to questionable, state-funded anti-crypto campaigns on social media.

Poland has proven to be quite pro-blockchain. Thus, in January 2018, the Polish Blockchain Technology Accelerator (PATB) revealed that one of its teams was working on the development of a digitized national cryptocurrency in the country, the digital Złoty, dPLN. Krzysztof Piech, founder of dPLN, has confirmed with Cointelegraph that their project is based on blockchain.


Furthermore, on May 15, Alexei Mushak, a member of the Ukrainian parliament, took to Facebook to publish a link to a copy of the draft legislation document on Google Docs, urging crypto enthusiasts to comment on the terms of the regulations proposed for the crypto market:

“We go to the home stretch to create conditions for digital tokens and cryptocurrency in Ukraine. This is the outcome of many meetings and work of many people. There are many more nuances left to figure out. The final version will be ready in two weeks.”

While the National Bank of Ukraine (NBU) said in January that it was “considering” introducing a digital version of its national currency, the hryvnia, that is not based on blockchain, they also noted that the possibility of basing the proposed e-hryvnia on blockchain was still up for discussion.


In December, Belarusian President Aleksandr Lukashenko formally signed a “super liberal” bill, signaling state support of blockchain and cryptocurrencies. The decree legalizes businesses based on blockchain, as well as any activity related to cryptocurrencies and digital tokens. Thus, unlike other countries that regulate crypto by putting limitations on it, Belarus doesn’t treat mining and exchange operations as “business activities.”


While Estonia puts a strong priority on developing and supporting crypto technologies, the state’s approach to cryptocurrencies seems more traditional. In 2016, the Supreme Court of Estonia declared mediation of Bitcoins an economic activity subject to anti-money laundering supervision.

The adoption of blockchain, in turn, allowed Estonia to introduce an online voting system during national elections, though only physical residents are allowed to vote under it. The country is also involved in various public service projects that are powered by blockchain, including health services.

There is a lot more going on in other countries in Eastern Europe. See the full list here.

The Russian Military Is Building a Blockchain Research Lab (CoinDesk), Rated: A

The Russian Ministry of Defense is launching a research lab to analyze how blockchain technology can be used to mitigate cybersecurity attacks, a local newspaper reported Friday.


Binance To Launch Its First Fiat-Crypto Exchange In Uganda (Journal Transcript), Rated: AAA

Binance which is the largest crypto exchange is planning to launch a fiat trading pair in Uganda. The CEO and Founder of Binance, Changpeng Zhao told Cointelegraph that the company is launching a crypto-fiat exchange in Uganda.


40 Percent of Ontario Cryptocurrency Investors Have Sold All Their Coins (CCN), Rated: AAA

A survey conducted in Canada’s Ontario province has sought to shed light on cryptocurrency investing habits in the region as well as the views of financial consumers and their understanding of the nascent technology.

The study, which was compiled by the Ontario Securities Commission’s Investor Office, revealed that at the moment 5% of Ontarians, or around half a million residence of the province, hold crypto assets. Currently, the population of Ontario is estimated to be more than 14 million (over 38% of Canada’s population). At the same time, there is another 4% of the Ontario population that used to own crypto assets, though that was no longer the case at the time of the survey.

Most of the Ontarians who invested in crypto assets largely spent small amounts to purchase cryptocurrencies. About 50% spent less than $1,000 on buying cryptocurrencies, while 90% spent under $10,000. On the other hand around, 9% of the crypto asset investors, which was almost 50,000 people in the province, spent above $9,999 buying cryptocurrencies. The relatively small sums being spent were attributed to caution.

Crypto Wallet “Jaxx Liberty” Launched By Blockchain Firm Decentral (BlockTribune), Rated: A

Canadian blockchain firm has announce Decentral d the beta launch of its new cryptocurrency wallet, Jaxx Liberty.


Bermuda to Create New Class of Bank for Serving Fintech and Blockchain Companies (CoinTelegraph), Rated: AAA

The Government of Bermuda has announced plans to make amendments to the Banking Act in order to establish a new class of bank to render services to local fintech and blockchain organizations, Finextra reported July 2.


George Popescu
George Popescu
Allen Taylor
Allen Taylor

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